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SUMMARY OF FINDINGS

MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)

TREND ESTIMATES

The trend estimate for total mineral exploration expenditure increased by 2.3% to $269.5m in the June quarter 2005. The estimate has risen in the last eight quarters and is now 22.1% higher than the June quarter 2004 estimate.

Mineral Exploration, Seasonally adjusted and trend series

Western Australia had the largest increase this quarter (of $5.3m or 3.4%). Most states showed stable or increasing expenditure levels this quarter, with only Queensland showing a decrease of 2.4%.

The trend estimate for metres drilled decreased by 3.0% this quarter. The current estimate is now 3.3% higher than the June quarter estimate for last year.

MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)

EXPLORATION EXPENDITURE

The seasonally adjusted estimate of mineral exploration expenditure decreased by $4.1m (1.5%) this quarter. Victoria had the largest increase (of $0.6m or 4.7%), and South Australia had the largest decrease (of $3.4m or 17.2%).

In original terms, mineral exploration expenditure increased by $64.9m (28.7%). Exploration on areas of new deposits increased by $31.4m (37.5%), while expenditure on areas of existing deposits increased by $33.5m (23.6%).

In original terms, the largest increase by minerals sought came from expenditure on gold exploration (up $21.2m or 25.9%) and iron ore exploration (up $18.4m or 67.4%), with the largest increase for each occurring in Western Australia.

Expenditure on coal exploration rose by $7.8m (26.2%).

Mineral Exploration Expenditure, Original series

MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)

METRES DRILLED

In seasonally adjusted terms, total metres drilled decreased by 9.4% in the June quarter 2005. In original terms total metres drilled rose by 24.6%, due to an increase in drilling in both areas of new deposits (up by 40.7%) and areas of existing deposits (up by 14.9%).

Metres Drilled, Original Series

PETROLEUM EXPLORATION EXPENDITURE

OVERVIEW

Expenditure on petroleum exploration for the June quarter 2005 increased by $9.3m (3.5%) to $278.5m.

Expenditure on exploration on production leases increased (by $39.4m or 114.9%), while exploration on all other areas decreased by $30.1m or 12.8% this quarter.

There was a decrease of $7.0m (3.2%) in offshore exploration, while onshore exploration expenditure increased by $16.3m (31.0%).

Petroleum Exploration Expenditure, Original series

REGIONAL DATA

Petroleum exploration expenditure varied across the states this quarter. Victoria and Western Australia decreased, while Queensland, South Australia and Northern Territory showed increases. Western Australia had the largest fall of $24.9m (16.1%). Northern Territory recorded the largest increase of $39.0m (217.9%).